Jackson Points to Domestic Recession
May 1st, 2008 by gmoran
Mike Jackson, CEO of AutoNation, once again appeared on CNBC this morning. Of all of talking heads, he seemed to make the most sense with his comments on the Q1 Advance GDP number of .6 up. Jackson cut through the +5.5 exports number and said that we are in a domestic recession which all the other negative numbers seemed to indicate. Of course, he said this at the top of the show, not after the number was released. As we know, Mike’s industry is probably the hardest hit second only to the housing sector. Mr. Jackson cut right to the chase blaming the abandonment of credit standards for enabling the housing crunch. But Mike, what about the reckless speculation in oil? How bout the ungodly cost of automobiles? He didn’t have a great answer when he was asked about the auto industry’s practice of sending the customer home with an automobile with similar lax credit standards.